Calgary, Montreal, Toronto among top 10 priciest North American cities to park

Calgary, Montreal, Toronto among top 10 priciest cities to park

This is one expensive country to park in.

Four Canadian cities made it into the top 10 priciest North American markets for parking, according to the 12th annual survey by Colliers International. Calgary, Montreal, Toronto and Edmonton all made the grade. Calgary finished second overall in the continent, behind only New York.

“Improving economic conditions, a strong office market and limited future supply of new parking spots are all contributing to the continued increase of parking rates in all categories and across the country,” said Ian MacCulloch, national research director with Colliers International in Canada. “Currently, only Calgary, Ottawa, Saskatoon, Waterloo Region and Winnipeg are expecting to add new parking spots over the next year and in limited numbers. This shortage of new supply will continue to put upward pressure on parking rates.”

The shortage of supply in making markets across the country has resulted in an average waiting time of eight months for a spot and anywhere from one to two years in Victoria, Halifax and Regina.

Calgary kept its spot as the most expensive city in the country to park in with an average monthly rate of $456.75, up 2% from a year ago. It was followed Montreal at $330.96 and then Toronto at $316.40. Toronto parking rates actually dropped 4.8% from a year ago.

The oilpatch is now rivaling midtown Manhattan where the parking rate is US$562. It passed Boston at US$405 and San Franciso at US$375.

Here’s Colliers full list for Canada with the percentage increase or decrease in the average rate.